Royal Bank of Scotland (RBS) threw a £150,000 party for staff just days after receiving £20bn of taxpayer cash. The bash, which took place at a five-star hotel in Eastbourne, took place over two days with rooms costing £335 per night.

Top executives from the bank, which almost failed last week as its share price plummeted, enjoyed a free bar, an expensive menu and dance classes, according to reports in The Sun.

Staff also attempted to cover-up the event by removing company logos and branded items, and cut the number of attendees in half to 100, even though it had already paid for almost 200 rooms.

The bank is now majority owned by the UK Government after it took a £20bn lifeline from the state to prevent itself from collapsing.

Chief executive Sir Fred Goodwin stepped down earlier this week following the Government bail-out.